Currys – new five-year High at 155.90p, ahead of planned news upload, investor interest is building up again, TP 200p

Mark Watson-Mitchell – 19.02.2026

I was interested to see that JP Morgan Asset Management has built up a 5.05% holding in the equity of electricals retailer Currys (LON:CURY).

Yesterday, the £1.6bn-capitalised group’s shares closed at 155.90p hitting a new five-year High.

The group’s Management is next week hosting an Investor Event at its Newark-based Supply Chain and Service Operation, that is on Wednesday 25^th February.

Then two weeks later another event will be a Store Tour with the group’s CEO at Reading, on Tuesday 10^th March.

So those two events alone will see a ramping up of corporate news which will undoubtedly increase investor interest.

They will be topped up by the group’s full-year trading update, which is expected to be announced on Wednesday, 20^th May.

The Business

Currys is a leading omnichannel retailer of technology products and services, operating online and through 702 stores in 6 countries. 

In the UK & Ireland it trades as Currys and in the UK, it operates its own mobile virtual network, iD Mobile.

In the Nordics it trades under the Elkjøp brand.

We're the market leader in all markets, able to serve all households and employing more than 25,000 capable and committed colleagues.

Its operations include one of Europe's largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

Recent Trading Update

A month ago, the group reported strong trading for the 10 weeks to Saturday, 10^th January, with group like-for-like revenue growth accelerating to 6%, driven by a 3% increase in the UK & Ireland and a standout 12% growth in the Nordics.

The company now expects group adjusted profit before tax to be between £180m-£190m, exceeding market expectations.

It has a £50m share buyback program underway, bringing total cash returned to shareholders to approximately £75m for the year.

The group’s Year-end net cash is projected to finish above the £100m target.

Management Comment

At that time, Group CEO Alex Baldock stated that:

"We're pleased with our very strong trading over Peak, growing sales healthily and in a disciplined way.

We now expect this year's profits to exceed market expectations, to keep returning cash to shareholders and finish the year with more than £100m net cash.   

Our Omnichannel model is winning.

We gained market share in both UK&I and Nordics, in both stores and online, and our fastest growth was where customers use both channels together.

This is a competitive advantage we'll keep building.

In the Nordics, which represents over 40% of our business, the market continued to recover, and we grew sales in every category, and every country.

Along with sales growth, we've kept our hard-won margin and cost discipline which are producing substantial growth in profits and cashflow, a fitting reward for the team's great work in building a sustainably stronger business.

In the UK&I, we grew sales in our core business and the growth areas we've targeted.

Our sales to small and medium-sized businesses grew by +21%, iD mobile reached 2.5 million customers, and credit adoption of 25% was double that of five years ago.

These are all sources of higher-margin and recurring revenue.

We maintained healthy underlying gross margins which, alongside cost savings, are offsetting unhelpful cost headwinds.

We go into 2026 confident in our strategy and energised by the opportunities ahead."

Broker Views

Analysts Wayne Brown, Ben Hunt and Anubhav Malhotra, at Panmure Liberum, rate the group’s shares as a Buy, with a 200p Target Price.

They state that:

“The opportunity lies in that Currys is entering into a phase where the investments it has made over the years is now driving market share gains that its competitors just can’t keep up with.

We see this resulting in strong cash flow generation and continued positive earnings momentum just like the company has delivered over the last 12 months.”

For the current year to end-April, they estimate group sales of £9,070m (£8,706m) with pre-tax profits of £184.9m (£162.0m), lifting earnings to 13.4p (11.3p) and its dividend to 2.6p (1.5p) per share.

For the coming 2027 year, they see £9,287m in sales, £195.0m profits, 14.4p of earnings and a dividend per share of 2.8p.

My View

Eleven years ago, this group’s shares hit an all-time High of 501.50p, so this five-year High at 155.90p leaves masses of upside.

I remain a big fan of the group and the efforts of its Management to rebuild its fortunes from a sound base.

I now set a new Target Price of 190p.

(Profile 10.07.23 @ 49p set a Target Price of 61p*)

(Profile 18.12.23 @ 50.05p set a Target Price range of 61p-65p*)

(Profile 21.01.26 @ 125.40p set a Target Price at 155p*)

(Profile 19.02.26 @ 155.90p set a Target Price of 190p)